Which Is a Major Criticism of a Monopoly as a Source

question 101

Multiple Choice

Which is a major criticism of a monopoly as a source of allocative inefficiency?

• A) A monopolist fails to expand output to the level where the consumers' valuation of an additional unit is just equal to the monopolist's opportunity cost.
• B) A monopolist has no incentive to produce efficiently because even the inefficient monopolist can be assured of economic profits.
• C) A monopolist will always make profits and that means that prices are too high.
• D) A monopolist has an unfair advantage because it can purchase labor at a lower price than competitive firms in other industries.

Trace the path of a visual stimulus from its source to the brain, understanding the role of the eye and nervous system in visual processing.

Describe the processes and pathways involved in the sensation and perception of pressure on the skin.

Explain the trichromatic and opponent process theories of colour vision and how they complement each other.

Compare and contrast the characteristics of vision and hearing in terms of stimuli and information processing.

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Definitions:

Lack of Emotion

Refers to diminished emotional responsiveness or affect, often observed in various psychological conditions.

Delusion of Grandeur

A false belief in one's own superiority, entitlement, or grandiose abilities, often found in psychiatric conditions like bipolar disorder or schizophrenia.